Thailand’s minister calls for industrial sector transformation

Thailand Industry Minister Pimpatra Vichayakul likened the nation’s industrial sector to a sleeping tiger ready to awaken and roar, emphasising the need for a transformation towards S-Curve industries. This declaration came during the Thailand 2024: The Great Challenges seminar held yesterday, January 23, at the Pullman King Power Hotel in Bangkok. Pimpatra highlighted the government’s role in supporting local and international entrepreneurs, ensuring the ease of business operations, and removing obstacles to private sector advancement.

Thai Prime Minister Srettha Thavisin was commended for his diligent work in fostering investor confidence through international engagements, demonstrating Thailand’s readiness. Pimpatra stressed the importance of maintaining a conducive environment for SMEs and the supply chain, which are crucial to the domestic economy and are facing new challenges and consumption trends, such as the shift towards electric vehicles (EVs).

The Ministry of Industry has the intellectual resource—the Office of Industrial Economics—to analyse and respond to the industries affected by these changes. Pimpatra discussed strategies to aid in the transition, including financial support from the SME Development Bank of Thailand and suggestions to diversify production to include medical industry products alongside automotive components, reported KhaoSod.

Pimpatra pointed out the need to support emerging S-Curve industries like the EV sector, which is gaining a foothold in Thailand, and to revamp industries facing increased competition, such as textiles, garments, and steel. She assured that despite the challenges, the government’s soft power policies are in place to assist smaller enterprises in adapting to the evolving landscape.

This call to action serves as a wake-up call for the sleeping tiger of Thailand’s industry, signalling a commitment to innovation and readiness to compete on the global stage. The ministry’s proactive stance aims to ensure that all sectors, particularly SMEs and the supply chain, are prepared for the new industrial era, empowering them to evolve and thrive amidst the changing tides of global industry trends.